I've started with Craft developing all locally. The struggle for me when working locally was synchronizing the database and the backend assets with coworkers on the same project.
In the last project we tried a different approach, where we have the db, the assets and the CP on a server. So all devs involved in the project had the same backend.
What we still had locally were our templates and frontend stuff. The db.php pointed to the remote db. The basepath pointed to our local root so it would load the local templates.
I'm actually pretty happy with that solution the only problem I haven't figured out yet is using image transforms. Since I'm using locale templates (and a locale craft installation for templating ), the transforms tries to generate the images locally which doesn't seem to work. Maybe my configuration is off since I don't have to much experience with transforms and the configuration with this setup can get a little confusing as well :)
How does your setup look while working in a team?
And any suggestions for the my problem with transform?